An XRP treasury SPAC surges nearly 300% ahead of Evernorth merger
Armada Acquisition Corp. II rose about 270% last week, leaving the thinly traded shell at nearly four times its roughly $10.50 trust value before merging with Evernorth, an XPR treasury company.
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Summary
- Shares of Armada Acquisition Corp. II, the shell company taking XRP treasury firm Evernorth public, rose about 273% last week ahead of the expected Oct. 7 merger closing.
- Evernorth expects to hold about 473 million XRP, worth roughly $714 million at Monday’s price, though XRP already bought for $214.1 million through 2025 is now worth about $127 million.
- About 80% of Armada’s trust funds appear set to be returned to shareholders, potentially reducing the number of publicly traded shares and contributing to sharp price swings.
